Bank of America's South Africa Fund Manager Survey: Back to domestics
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GUEST - John Morris, South Africa Strategist at Bank of America
South African fund managers are maintaining their bullish stance on local equities while rotating from resources to retailers and food producers, according to Bank of America’s (BofA’s) October 2025 Fund Manager survey.
The research shows a net 81% of respondents remain bullish on South African equities, unchanged from September, while cash bears eased to 56% from 81%, signalling broader support for double-digit equity returns over the next year.
Managers forecast total returns of 15% for equities, 11% for the R2035 government bond and 7% for cash. They expect the FTSE/JSE All Share index to reach 123,000 points (from 116,000), an exchange rate of $17.02/rand, and a repo rate easing to below 6.50% by year-end.
South African fund managers are maintaining their bullish stance on local equities while rotating from resources to retailers and food producers, according to Bank of America’s (BofA’s) October 2025 Fund Manager survey.
The research shows a net 81% of respondents remain bullish on South African equities, unchanged from September, while cash bears eased to 56% from 81%, signalling broader support for double-digit equity returns over the next year.
Managers forecast total returns of 15% for equities, 11% for the R2035 government bond and 7% for cash. They expect the FTSE/JSE All Share index to reach 123,000 points (from 116,000), an exchange rate of $17.02/rand, and a repo rate easing to below 6.50% by year-end.
